Stock Traders Purchase High Volume of Innoviz Technologies Put Options (NASDAQ:INVZ)

Key Points

• Unusual put buying: Traders purchased 19,153 put options on INVZ on Tuesday, about a 356% increase versus the typical daily put volume of 4,202.
• Heavy institutional involvement: Institutions own 63.26% of the stock, with Polar Asset Management boosting its stake to ~2.94M shares and Goldman Sachs increasing its holding by 38.2%.
• Mixed analyst view and weak share price: Analysts’ consensus is a "Moderate Buy" with an average target of $3.10 (Goldman cut its target to $2 while keeping a buy), and the stock traded at $0.97 with a market cap of about $201.5M and a 52-week range of $0.48–$3.14.

Innoviz Technologies Ltd. (NASDAQ:INVZ - Get Free Report) was the target of unusually large options trading on Tuesday. Stock traders acquired 19,153 put options on the company. This represents an increase of approximately 356% compared to the typical daily volume of 4,202 put options.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Polar Asset Management Partners Inc. boosted its position in shares of Innoviz Technologies by 10.6% during the first quarter. Polar Asset Management Partners Inc. now owns 2,936,369 shares of the company's stock worth $1,914,000 after purchasing an additional 280,769 shares in the last quarter. Capital Advisors Inc. OK bought a new stake in Innoviz Technologies during the second quarter worth about $205,000. WMG Financial Advisors LLC acquired a new stake in Innoviz Technologies in the 2nd quarter valued at about $34,000. Bank Hapoalim BM bought a new stake in Innoviz Technologies in the 2nd quarter valued at $26,000. Finally, Goldman Sachs Group Inc. grew its stake in Innoviz Technologies by 38.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 523,945 shares of the company's stock valued at $342,000 after buying an additional 144,822 shares during the last quarter. 63.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INVZ has been the subject of several analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Innoviz Technologies in a research note on Monday, December 15th. The Goldman Sachs Group dropped their target price on shares of Innoviz Technologies from $2.50 to $2.00 and set a "buy" rating on the stock in a report on Wednesday, November 26th. Finally, Wall Street Zen lowered Innoviz Technologies from a "hold" rating to a "sell" rating in a report on Saturday. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Innoviz Technologies presently has an average rating of "Moderate Buy" and an average target price of $3.10.

Innoviz Technologies Stock Performance

Shares of INVZ traded down $0.11 during trading hours on Tuesday, reaching $0.97. 5,583,918 shares of the company traded hands, compared to its average volume of 7,561,781. Innoviz Technologies has a 1-year low of $0.48 and a 1-year high of $3.14. The stock has a market cap of $201.48 million, a P/E ratio of -2.79 and a beta of 1.31. The stock's fifty day moving average is $1.54 and its 200 day moving average is $1.61.

Innoviz Technologies Company Profile

Innoviz Technologies Ltd. NASDAQ: INVZ is a developer of high-performance solid-state LiDAR sensors and perception software designed to support advanced driver assistance systems (ADAS) and autonomous driving applications. The company’s core business focuses on providing automotive-grade LiDAR hardware, along with software algorithms that enable accurate 3D mapping, object detection and environmental perception in real time. Innoviz’s technology is tailored for integration into passenger vehicles, commercial fleets and other mobility platforms seeking improved safety and autonomy.

Founded in 2016 and headquartered in Rosh Ha’ayin, Israel, Innoviz has emerged as a key supplier to leading global automakers and Tier 1 suppliers.

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